To amend the Internal Revenue Code of 1986 to end tax deferrals on profits accumulated offshore and to terminate the deferral of active income of controlled foreign corporations.
Putting America First Corporate Tax Act - Amends the Internal Revenue Code to include in subpart F income (income of a controlled foreign corporation earned outside the United States that is not tax deferred): (1) a shareholder's pro rata share of the average of certain U.S. and foreign property held by a controlled foreign corporation as of the close of each quarter of a taxable year, and (2) the income of a controlled foreign corporation derived from any foreign country.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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